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5. Form of chit agreement.- Every chit agreement shall be in duplicate and shall be signed by the subscribers or by persons authorised in that behalf in writing by the subscribers and the foreman and attested by at least two witnesses and it shall contain the following particulars, namely:

(1) the full name and the permanent residential address of every sub-scriber ;

(2) the ticket held by each subscriber;

(3) the number of installment and the amount payable in respect of each ticket for each installment;

(4) the dates of commencement and termination of the chit;

Provided that no chit shall, except with the permission of the Govern-ment, extend in duration for a period of more than five years;

(5) the mode of ascertaining the prized subscriber;

(6) the amount of discount which the prized subscriber at any installment has to forego;

(7) the mode and proportion in which the discount is distributable by way of dividend, foreman's commission or remuneration and other expenses, if any;

(8) the date, time and place at which the chit is to be drawn;

(9) if under the chit agreement the foreman is entitled to the chit amount, the installment at which the foreman is to get the chit amount;

(10) the approved bank in which chit moneys shall be deposited by the foreman under the provisions of this Act;

(11) the manner in which a chit shall be continued, where a foreman who is an individual dies or becomes of unsound mind or is otherwise inca-pacitated; and

(12)any other particular which may be prescribed.

Explanation.- It is sufficient to get the signature of each subscriber on separate copies of the agreement.

 

 

 

 

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